Key highlights:

• Trump’s tariff decision: A 25 per cent tariff on steel and aluminium imports, including from Mexico and Canada, raises trade war concerns
• Market reactions: US equities remain resilient due to strong corporate earnings, while gold and the US dollar rise amid uncertainty
• Bond and energy markets: Treasury yields show mixed signals; Brent crude oil prices rise due to geopolitical tensions
• Asia’s response: Mixed market reactions, with optimism driven by DeepSeek’s AI model despite trade concerns
• Japan’s crypto regulation shift: Possible reclassification of cryptocurrencies as securities, impacting investments and tax policies
• Bitcoin accumulation by strategy: Strategy (formerly MicroStrategy) purchases 7,633 BTC, reinforcing institutional confidence in crypto

The financial landscape is navigating an ever-shifting environment, with risk sentiment holding steady despite significant macroeconomic developments on 11 February 2025.

One of the most notable events in recent days has been President Donald Trump’s decision to impose a 25 per cent tariff on all steel and aluminium imports, a move that includes key trading partners like Mexico and Canada without any exemptions. This policy, enacted under Section 232 of the Trade Expansion Act, has sent shockwaves through global markets, raising fears of potential trade conflicts and their broader economic fallout.

Trump has also hinted at the possibility of further increasing these tariffs and suggested the introduction of reciprocal tariffs, which could be announced as early as today or Wednesday. These developments have heightened market uncertainty as investors and analysts closely monitor whether these threats will materialise and how they might reshape global trade dynamics.

At the same time, the US corporate earnings season has provided a stabilising force, with strong performances from American companies reinforcing confidence in the economy’s underlying health.

However, the interplay between these macroeconomic and microeconomic factors, alongside other global trends such as Japan’s potential reclassification of cryptocurrencies and significant Bitcoin acquisitions by firms like Strategy (formerly MicroStrategy), paints a multifaceted picture of the current financial environment.

In this article, I will explore these developments in detail, analyse their potential impacts, and offer my perspective on how they shape the global risk sentiment.

Tariffs and market reactions

Let’s start with the tariff announcement, which has dominated financial news and market discussions in recent days. President Trump’s decision to impose a 25 per cent tariff on steel and aluminium imports under Section 232—a provision that allows the president to restrict imports deemed a threat to national security—marks a significant escalation in US trade policy.

Unlike previous tariff actions, which often included exemptions for key allies, this move explicitly excludes Mexico and Canada, two of the United States’ largest trading partners. This lack of exemptions has raised concerns, as it signals a more aggressive and unilateral approach to trade policy. Trump’s comments over the weekend and his warning that tariffs could “go higher” have added to the uncertainty, with market participants now bracing for the possibility of reciprocal tariffs.

Reciprocal tariffs, if implemented, would involve matching the tariff rates of other countries on US exports, potentially triggering retaliatory measures from affected nations. The timing of these potential announcements—possibly today or Wednesday—has kept markets on edge, as investors weigh the risks of a broader trade conflict.

Also Read: AI, personalisation, and 5 marketing activities you should be doing

From a market perspective, the immediate reaction to the tariff news has been varied. US equity indices, as measured by the MSCI US Index, rose by 0.7 per cent on Monday, with strong performances in the energy sector (+2.2 per cent) and information technology (+1.5 per cent). This resilience suggests that, for now, investors are focusing on the positive fundamentals of American companies rather than the potential negative impacts of tariffs.

The US earnings season has been particularly strong, with many companies surpassing expectations despite what analysts had considered a high bar. This strength in corporate fundamentals has provided a buffer against the macro uncertainties, supporting risk sentiment in the short term.

However, the longer-term implications of tariffs cannot be ignored. Tariffs on steel and aluminium could increase input costs for industries such as manufacturing, construction, and automotive, potentially squeezing profit margins and stoking inflation. If reciprocal tariffs are introduced, US exporters could face higher costs in foreign markets, further complicating the economic outlook.

Turning to the bond market, US Treasury yields ended Monday’s session with mixed results. Shorter-term yields, such as the two year and seven year, edged lower, reflecting some caution among investors about the near-term economic impact of tariffs.

Conversely, longer-term yields, including the 10-year (+0.2 basis points to 4.497 per cent) and 30-year (+1.4 basis points to 4.707 per cent), inched higher, suggesting that investors expect inflationary pressures from tariffs to persist over the longer term. This divergence in yield movements highlights the uncertainty surrounding the Federal Reserve’s next moves. Tariffs, by increasing costs and potentially delaying rate cuts, could complicate the Fed’s efforts to balance inflation and growth.

The US Dollar Index, meanwhile, rose by 0.3 per cent, reflecting safe-haven demand amid the tariff-related uncertainty. Gold, a traditional safe-haven asset, surged by 1.7 per cent to a fresh record high, underscoring investor concerns about geopolitical and economic risks. In the energy market, Brent crude oil prices rose by 1.6 per cent, supported by signs of a tighter market and geopolitical tensions, including Russia’s failure to meet its OPEC+ quota and rising natural gas prices in Europe.

Asian markets and crypto regulations

In Asia, the HSCEI index rose by 2.1 per cent for the third consecutive day, driven by optimism surrounding DeepSeek’s AI model and a perception that tariff tensions might be less severe than feared. However, early trading sessions on Tuesday showed mixed results for Asian equity indices, with US equity futures pointing to a lower open. This divergence highlights the uneven impact of tariff-related developments across regions.

While US markets have been buoyed by strong earnings, Asian markets remain more exposed to trade risks, given their reliance on exports. The resilience of risk sentiment in Asia, particularly in China, can also be attributed to positive developments in the AI sector, with companies like DeepSeek demonstrating resilience despite trade tensions. However, the broader implications of tariffs on global supply chains and economic growth remain a concern, particularly for export-dependent economies.

Also Read: How marketers can connect with APAC’s 450 million young gamers

Shifting focus to other global developments, Japan’s Financial Services Agency (FSA) is considering a significant regulatory change that could reclassify cryptocurrencies as securities. This potential shift, which could take effect by 2026, would have far-reaching implications for retail investors and the broader financial ecosystem. By classifying crypto as securities, Japan aims to strengthen investor protections, lower taxes on crypto investments, and enable domestic funds to invest in tokens.

This move could also pave the way for the approval of crypto exchange-traded funds (ETFs), including spot Bitcoin ETFs, which would attract institutional capital and boost market liquidity. Posts on X have highlighted the FSA’s plans, with some users speculating on the potential for tax cuts and ETF approvals.

However, these reports remain inconclusive, and the FSA’s final decision will depend on a comprehensive review of existing regulations. If implemented, this reclassification could position Japan as a leader in the global crypto market, potentially offsetting some of the negative sentiment surrounding tariffs.

Another notable development in the crypto space is the recent acquisition by Strategy (formerly MicroStrategy) of 7,633 Bitcoin for US$742 million between February 3 and February 9, at an average price of US$97,255 per Bitcoin. The firm now holds 478,740 Bitcoin, worth over US$46 billion, with an average purchase price of US$65,033 per Bitcoin.

This acquisition, representing 2.2 per cent of Bitcoin’s total supply, underscores the growing institutional interest in cryptocurrencies as a store of value and hedge against inflation. Strategy’s aggressive Bitcoin strategy has been closely watched by investors, with some viewing it as a bullish signal for the crypto market.

However, the timing of this acquisition, amid tariff-related uncertainty and rising gold prices, raises questions about the firm’s risk management approach. While Bitcoin has historically been seen as a safe-haven asset, its volatility and correlation with risk assets like equities could complicate its role in a tariff-driven market environment.

Balancing risk and optimism

From my perspective, the current global risk sentiment is a delicate balance between optimism and caution. On one hand, the strength of US corporate earnings and positive developments in sectors like AI and crypto provide a foundation for resilience. The MSCI US Index’s gains, driven by energy and tech, reflect confidence in the underlying fundamentals of the economy.

Similarly, Japan’s potential reclassification of crypto and Strategy’s Bitcoin acquisition signal growing institutional acceptance of digital assets, which could support risk sentiment in the longer term. On the other hand, the tariff announcement and the threat of reciprocal tariffs introduce significant uncertainty.

Also Read: Embracing global entrepreneurship: Redefining startup success beyond Silicon Valley

Tariffs, by increasing costs and disrupting supply chains, could stoke inflation and weigh on economic growth. The mixed performance of US Treasury yields, the surge in gold prices, and the rise in Brent crude oil all point to heightened concerns about the macroeconomic outlook.

In my view, the key question for markets is whether the positive microeconomic factors—such as strong earnings and innovation in AI and crypto—can continue to offset the negative macroeconomic risks posed by tariffs. While US markets have shown resilience so far, the potential for retaliatory measures from trading partners like China, Mexico, and Canada could escalate tensions and disrupt global trade.

For Asia, the optimism surrounding DeepSeek’s AI model and less severe tariff fears may provide temporary relief, but the region’s exposure to trade risks remains a concern. Japan’s potential crypto reclassification, if implemented, could be a game-changer, attracting capital and boosting sentiment. However, the success of this move will depend on the FSA’s ability to balance investor protections with market growth. Strategy’s Bitcoin acquisition, while bullish for crypto, also highlights the challenges of navigating a volatile market environment.

In conclusion, the global risk sentiment is supported by a combination of strong corporate fundamentals and positive developments in AI and crypto, but it remains vulnerable to tariff-related uncertainties. President Trump’s tariff announcement, under Section 232, has introduced significant risks, with the potential for reciprocal tariffs adding to the complexity. While US markets have been buoyed by earnings, the longer-term implications of tariffs on inflation, growth, and trade dynamics cannot be ignored.

In Asia, optimism surrounding AI and crypto provides a counterbalance, but the region’s exposure to trade risks remains a concern. Japan’s potential crypto reclassification and Strategy’s Bitcoin acquisition are positive signals, but their impact will depend on broader market conditions. As markets navigate this busy macro news backdrop, the interplay between microeconomic resilience and macroeconomic risks will shape the trajectory of global risk sentiment in the coming weeks and months.

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B Capital, a global multi-stage investment firm, has taken a significant step to strengthen its foothold in tech and AI investments by appointing Yan-David (“Yanda”) Erlich as General Partner.

Announced in January, this strategic move underscores the firm’s commitment to backing transformative AI-driven companies across early-stage and growth investments. With a track record of scaling tech ventures and investing in high-impact AI innovations, Erlich’s leadership is expected to further elevate B Capital’s presence in this rapidly evolving sector.

A seasoned entrepreneur, operator, and investor, Erlich brings a wealth of experience to his new role. Prior to joining B Capital, he served as COO and CRO at Weights & Biases, a leading AI developer platform, and held investment roles at Coatue Management.

His entrepreneurial background includes founding and scaling multiple venture-backed startups, including ChoiceVendor, which LinkedIn acquired. With this blend of hands-on operational experience and deep investment acumen, Erlich is poised to drive B Capital’s AI strategy forward.

Speaking about his vision for the firm’s AI investments, Erlich highlights B Capital’s strong foundation of entrepreneurs, operators, and investors as a key advantage.

Also Read: Global risk sentiment holds steady amid tariffs, AI optimism, and crypto shifts

“B Capital already brings together an experienced team; it was a key reason I chose to join. Our strategic partnership with BCG is also a differentiating competitive advantage, as they have a unique vantage point on the AI transformation,” he shares.

In an email interview, Erlich shares his insights about AI and how B Capital is approaching investment in the space.

The following is an edited excerpt of the conversation.

AI is rapidly evolving. What criteria or signals do you prioritise when evaluating potential investments in AI startups? Are there any red flags you watch out for in this space?

When things change quickly, I find it useful to go back to basics. What is true for (most) successful businesses: they are started by founders who care deeply about their customer base and market.

They have a compelling product that is deeply loved and actively used by their customer base. Especially at first, it is better to have fewer, more avid customers than many lukewarm ones.

They move fast: build, ship, learn from the market, iterate. One of my most durable insights has been, “A startup is not a company: it is an experiment to see if a company deserves to exist. Until product-market fit, the speed of hypothesis testing trumps everything. Startups die when they spend faster than they learn.”

They are hyper-focused: startups are better suited to solving a small set of very hard problems than many semi-hard ones.

Also Read: AI agents redefine art: Unlocking boundless creative possibilities in a new digital era

They are talent magnets: great people love to work with other great people.

They think about the whole problem: not just what product to build but also how to take it to market, price it, and market it.

The red flags I watch out for are when folks claim that it is “because of AI”. These axioms of what makes a high-quality startup no longer apply.

As an investor in both early-stage startups and growth-stage companies, how do you balance the inherent risks of nascent technologies with the need for scalability and long-term impact?

The quick answer is that it is not easy. On one hand, I am a huge believer in technology’s positive transformational impact: improving lives and human productivity and creating new category-defining winners. When betting on a company, I always ask myself why now: what new disruption permits this company to win?

On the other hand, business fundamentals apply. You need a great product with high engagement, operate in a large (or, ideally, quickly growing TAM), constantly build and defend your moats, maintain quality as you grow your teams, and more.

Balancing building for the future and “solving the problems of today, today; the problems of tomorrow, tomorrow” is part of the difficulty (and the fun).

It is important to be diligent in what we can: at the earliest stages, that is, the founders and technology, and whether they solve an acute pain in a large or growing market. Later, operational execution and market positioning matter. It is always important to see if the company is a great magnet for top talent across both tech and GTM.

It is also key to help where we can: through my personal network, the whole B Capital network, BCG, and many more. Making the investment is the beginning of the adventure.

Also Read: What we can tell about AI investment in SEA this year

From your perspective, what are the most promising trends in AI today? Conversely, what do you see as the biggest challenges for AI startups in gaining traction or achieving product-market fit?

AI is going to reshape every aspect of the economy. I am particularly excited to invest in startups helping to usher in the era of AI co-workers: intelligent agents working alongside humans in all aspects of work, from functional roles including marketing (B Capital is an investor in Writer), engineering (Poolside), and legal (EvenUp) to verticals across robotics (Apptronik), climate (Overstory), and healthcare (Atomwise).

To achieve this, we will also see more advances at the foundation model layer, including in advanced reasoning, personalisation, context, memory, and the ability to take and act on feedback. We will also see new infrastructure solutions, new security models, and ways to “onboard” agents into your organisation and have them collaborate with humans. Each of these allows for one or more very interesting companies.

The challenge that is top-of-mind right now is how to bridge the gap between the high-quality AI demo and the AI application or agent the organisation feels safe to deploy to production. I am confident this will be solved, but it will not be a silver bullet. It will be achieved through a combination of model advancements, developer tooling, continuous evaluations, guardrails and other safety mechanisms, and novel tech and UX, including better feedback mechanisms, at the application layer.

Are there specific industries or verticals where you see the most transformative potential for AI technologies, and how does B Capital aim to support innovation in these areas?

I will use the opportunity to reinforce that I’m grateful to be part of a team that has both a global purview and where I get to work alongside climate and healthcare investment experts. Our combined and global subject-matter expertise feels uniquely competitive.

—

Image Credit: B Capital

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Life Science Incubator (LSI) has unveiled its largest co-working laboratory in Singapore at Elementum, located in JTC’s one-north business park.

As per a press statement, LSI offers flexible lab and office solutions to meet the diverse needs of life science companies. The facility includes open lab spaces and private suites with dedicated tissue culture rooms.

Tenants can also customise their spaces, with options to design bespoke wet lab and office areas.

The co-working lab offers flexible contract arrangements and full-service support, catering to startups and established companies. The facility also fosters a vibrant and innovative community, facilitating tenant collaboration.

Also Read: The future of medtech in Singapore: Innovation amid regulatory challenges

With the expansion, Life Science Incubator has tripled its laboratory space. LSI also plans to expand into the broader Asia Pacific region, with Australia as its next key market. LSI has been actively engaged in the Australian life sciences ecosystem for three years and is in discussions to potentially launch its first Australian location later this year.

LSI provides fully equipped, agile, and reliable lab spaces for biotech, medtech, and foodtech companies. It works closely with local accelerators, universities, and polytechnics to stimulate entrepreneurship and provide external resources to support spin-offs and new ventures.

“Our mission at LSI is to remove barriers for life sciences startups and innovators by providing the critical infrastructure they need to accelerate breakthroughs,” said Zeïna Henni, Director of Life Science Incubator.

Singapore’s life sciences sector has seen strong investor confidence, with 14 companies raising SGD92.4 (US$68) million in 2024, making it the top destination in Southeast Asia for biotech investment. The country’s commitment to the sector is reinforced by significant investments under the Research, Innovation and Enterprise 2025 plan (RIE2025), which allocated approximately SGD28 (US$21) billion in 2024 to key sectors, including life sciences.

Furthermore, Singapore’s regulatory framework and intellectual property protections attract leading biotech and medtech firms.

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This is how eFishery went from agritech hotshot to a total PR disaster.

Once the poster child of Indonesia’s agritech industry, eFishery’s reputation is officially in crisis mode. The narrative is being written for them, fuelled by media coverage and rumours (or media coverage written based on rumours). Without an authoritative source, proactive engagement, and transparency, the company is spiralling further into crisis instead of taking control of their story.

How the story unfolded

It all started when DSA broke the story from a whistleblower tip that eFishery had been falsifying transactions, inflating financial reporting, and creating shell companies. The company reported a US$16 million profit, but investigations uncovered a US$35.4 million loss. This was then followed by extensive coverage from Bloomberg News, The Jakarta Post, and Tech in Asia.

And eFishery? Instead of owning the narrative, they issued the following response:

“We are fully aware of the gravity of the market speculation and we take this matter with the utmost seriousness,” eFishery said in an emailed statement. “We remain dedicated to upholding the highest standards of corporate governance and ethics in all of eFishery’s operations.”

This is the equivalent of watching a house burn down and saying, “We are aware of the fire and take fires very seriously.” This is saying something without saying anything.

By most accounts, eFishery’s technology and product are legitimate. And yet, one of the brightest moments in eFishery’s comms wasn’t even from the company itself – it came from a product manager’s LinkedIn post.

A LinkedIn post from an eFishery product manager helped restore some credibility by publicly confirming the authenticity of its technology, including IoT-powered feeders and water sensors. Yet, the company’s leadership should have been at the forefront of the response.

Also Read: Ecosystem Roundup: eFishery faces fraud allegations | Indonesia’s tech funding hits a 3-year low | iMotorbike raises US$10M

The real people behind this scandal

Outside of the 50+ page investigation reports and financial audits, this crisis involves real people – over 1,000 employees, investors, partners, and customers who deserve clear, honest communication. In most situations and also likely in this case – 99.9 per cent of the 1,000+ employees were not responsible and have probably spent countless hours post-leak trying to fix the issue.

At this stage, from a communications perspective, it is important for leadership to articulate a clear path forward and a strategy to rebuild trust.

How eFishery can salvage at this point and takeaways for founders

• Issue a formal, transparent statement: Avoid the vague, generic PR responses and provide real answers.
• Put a human face to the response: Start using a credible, human face to address concerns head on.
• Proactively engage with stakeholders: Internal memos, town halls, direct investor communications. Silence breeds speculation.
• Commit to real governance reforms: Appoint independent auditors, strengthen compliance, and communicate changes regularly.
• Create a long-term communications plan, and execute it.

eFishery can still be salvaged but only if they are proactive in their communications. At this inflection point, leadership has two choices: take control of the narrative and move forward or continue letting others define their story.

—

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For years, the AI landscape was dominated by a few tech giants—Google, OpenAI, Meta—driven by the belief that training Large Language Models (LLMs) was an exclusive domain of companies with billions of dollars in computing resources. DeepSeek has just shattered that notion.

The historical parallel: When AI was considered untrainable

Neural networks were once considered impractical due to their training complexity. In the early days, before multi-layer perceptrons gained traction, single-layer networks struggled with even basic tasks. The introduction of backpropagation in the 1980s, pioneered by Geoffrey Hinton and his colleagues, was a turning point—it showed that deep networks could be trained effectively, giving birth to what we now call deep learning. Suddenly, what was once considered an untrainable, niche research field became the dominant paradigm in AI.

A similar shift is happening today. Previously, the assumption was that only trillion-dollar companies could afford to train LLMs. But DeepSeek has proven that with the right architectural optimisations and efficiency techniques, smaller players can break through.

The DeepSeek disruption: Smart moves over raw power

DeepSeek has demonstrated that AI isn’t just about brute-force computation—it’s about architectural intelligence. By leveraging techniques like:

• Mixture of Experts (MoE): Only activating necessary parts of the model to reduce computational overhead.
• Distillation: Training smaller models to mimic the performance of larger ones.
• Smarter resource utilisation: Running LLMs at a fraction of the cost of GPT-4.

DeepSeek has built a competitive model with just US$6 million in training costs, compared to OpenAI’s rumoured US$100 million for GPT-4. This is a fundamental shift, proving that AI dominance is not solely a function of computational power, but also of innovation in model design.

The market reaction: Nvidia’s dip and the reality of AI economics

Following DeepSeek’s announcement, Nvidia’s stock saw a temporary decline—an overreaction by the market, mistaking this development as a sign of declining GPU demand. In reality, it’s part of AI’s natural evolution: as architectures become more efficient, the focus shifts from sheer hardware reliance to algorithmic ingenuity.

This is a reminder that AI is not just a hardware race—it is an intellectual one. The best AI systems will not necessarily come from those who spend the most money but from those who think the most creatively.

Also Read: DeepSeeking the future: The ripple effect on tech, crypto, and global markets

China’s play: From hard work to smart work

China has long been perceived as a country that achieves success through relentless execution. DeepSeek challenges that stereotype, showing that Chinese AI research is not just about scaling hardware, but about making smart strategic moves. By proving that efficient models can rival state-of-the-art LLMs, DeepSeek has redefined the AI playing field, making it clear that the next AI breakthroughs may come from outside the traditional Silicon Valley elite.

The future: A democratised AI ecosystem

DeepSeek’s approach signals a new era—where smaller companies, startups, and research institutions can meaningfully compete in LLM development. This democratisation of AI will lead to:

• More innovation in architectures and training methodologies.
• Cost-efficient models that can be deployed widely.
• Increased competition, driving AI forward at an even faster pace.

In the same way that backpropagation unlocked deep learning’s potential, DeepSeek’s cost-efficient breakthroughs are making high-performance LLMs accessible beyond the corporate elite. The AI revolution is no longer about who has the most GPUs—it’s about who has the smartest approach.

DeepSeek has sent a clear message: The AI race is far from over, and the winners will be those who innovate, not just those who spend.

—

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Key highlights:

• President Trump’s 25 per cent tariff on steel and aluminium imports has heightened global risk sentiment, affecting commodity currencies and Asian equities
• The MSCI US index declined, but the Energy sector outperformed due to stable oil prices. US Treasury yields rose, reflecting inflationary concerns
• South Korea’s push for crypto ETFs signals growing mainstream adoption, while Japan’s Metaplanet Inc. saw a 4,000 per cent stock surge due to its Bitcoin strategy
• Metaplanet’s move to adopt Bitcoin as a treasury reserve asset mirrors MicroStrategy’s approach, but Japan’s high tax rates make stock proxies more attractive
• Trump’s pro-crypto stance could shift financial leadership to the UK, but strong regulatory frameworks will be crucial for long-term success

Global financial markets are navigating a complex landscape shaped by geopolitical tensions, domestic policy shifts, and the ever-evolving dynamics of technological innovation. President Donald Trump’s recent pledge to impose tariffs on all steel and aluminium imports has sent ripples through global markets, exacerbating already jittery sentiments about trade tensions.

This policy announcement, with broader economic indicators and the rise of cryptocurrency-related developments, presents a multifaceted scenario that demands careful analysis. As a journalist committed to rigorous research and factual reporting, I aim to unpack these developments, offering a comprehensive view of their implications while critically examining the narratives surrounding them.

President Trump’s announcement of a 25 per cent tariff on steel and aluminium imports has undoubtedly heightened global risk sentiment. This move, which Trump did not specify regarding its effective date, has added a layer of uncertainty to an already tense economic environment. Commodity currencies such as the Australian and Canadian dollars have felt the immediate impact, depreciating as markets react to the potential for escalated trade conflicts.

Similarly, Asian equities have experienced declines, reflecting broader concerns about the ripple effects of these tariffs on global supply chains and economic stability. The timing of this announcement, just before Federal Reserve Chair Jerome Powell’s semiannual congressional testimony, further amplifies its significance as investors and policymakers alike scrutinise the potential monetary policy responses to these trade developments.

In the United States, financial markets have responded with caution and resilience. The MSCI US index edged lower by 0.9 per cent, with the Energy sector outperforming despite broader market declines. This resilience in the Energy sector can be attributed to relatively stable oil prices, with Brent crude hovering around US$75 per barrel, even as markets weigh the implications of the new tariffs.

Meanwhile, US Treasury yields have risen, with the 10-year yield increasing by 6.1 basis points to 4.49 per cent and the two year yield climbing by 7.8 basis points to 4.29 per cent. These movements suggest a market expectation of tighter monetary policy or heightened inflationary pressures, possibly in response to the tariffs. The US Dollar Index has held firm, gaining 0.3 per cent, while gold prices continue their upward momentum, approaching US$2,900 per ounce, as investors seek safe-haven assets amid uncertainty.

Across the Pacific, Asian equities have displayed a mixed performance, with early trading reflecting the cautious sentiment pervasive in global markets. However, US equity index futures suggest a modestly optimistic opening, implying a 0.3 per cent higher start for US stocks. This divergence highlights the nuanced reactions across different markets, shaped by local economic conditions and the varying degrees of exposure to US trade policies.

In Singapore, for instance, DBS Group Holdings Ltd. shares reached a record high, buoyed by the announcement of an investor payout plan. This development underscores the resilience of certain financial institutions in Southeast Asia, even as broader market sentiments remain tentative.

Also Read: Markets on edge as jobs data, currency shifts, and crypto milestones shape the week

Amid these traditional financial market dynamics, the cryptocurrency space has emerged as a significant focal point, particularly in Asia. The Korea Exchange chairman’s push for the adoption of cryptocurrency exchange-traded funds (ETFs) reflects a growing recognition of digital assets as a potential driver of market growth.

South Korea, a nation known for its technological innovation and significant cryptocurrency adoption, stands at a critical juncture. Embracing crypto ETFs could position the country as a leader in this burgeoning financial sector, potentially attracting substantial foreign investment and fostering innovation. However, this move also carries risks, including regulatory challenges and the inherent volatility of digital assets, which could undermine financial stability if not managed carefully.

The meteoric rise of Metaplanet Inc., a Japanese company that has pivoted from hotel management to Bitcoin investment, exemplifies the transformative potential of cryptocurrencies. Shares of Metaplanet have soared by over 4,000 per cent in the past year, making it the top-performing stock among Japanese equities and one of the highest globally. This extraordinary performance is largely attributed to the ripple effects of President Trump’s pro-crypto agenda, which has fuelled a surge in Bitcoin demand in Japan.

Metaplanet’s strategic shift to adopting Bitcoin as a primary treasury reserve asset, inspired by the playbook of MicroStrategy’s Michael Saylor, has resonated with investors, particularly in a context where traditional financial assets are facing heightened uncertainty. The company’s ambitious plans to acquire 21,000 Bitcoin by 2026, supported by a US$745 million capital raise, further underscore its commitment to this strategy, positioning it as a potential leader in Asia’s cryptocurrency landscape.

However, this rapid ascent is not without its complexities. The volatility of Bitcoin, which recently hit a record high of US$109,241 before partially retracing, poses significant risks for companies like Metaplanet. Moreover, the high capital gains taxes on direct Bitcoin purchases in Japan—up to 55 per cent—make investing in stock proxies like Metaplanet an attractive alternative for small-scale and first-time buyers, particularly through programs like the Nippon Individual Savings Account. This tax structure, combined with the broader market dynamics influenced by Trump’s trade policies, creates a unique environment where investors navigate traditional and digital asset markets with heightened caution.

President Trump’s apparent obsession with cryptocurrencies, evidenced by his administration’s pro-crypto stance, has broader implications for global financial markets. Some analysts argue that Trump’s pledge to overhaul US financial regulations could present opportunities for the UK to lead in the crypto space in the United Kingdom. With its robust financial infrastructure and history of regulatory innovation, the UK is well-positioned to capitalise on any shifts in US policy that might create regulatory gaps or opportunities.

However, this optimism must be tempered by critically examining the challenges involved, including the need for robust regulatory frameworks to protect investors and ensure market stability. The UK’s ability to lead in this space will depend on its capacity to balance innovation with prudent oversight, a task made more complex by the global nature of cryptocurrency markets.

Also Read: The new norm: Stabilising global risk sentiment in a volatile market

From my perspective, the interplay between traditional financial markets and the cryptocurrency sector underscores a broader shift in the global economic landscape. President Trump’s tariffs on steel and aluminium, while aimed at protecting domestic industries, risk exacerbating global trade tensions and economic uncertainty.

This uncertainty, in turn, drives investors toward alternative assets like gold and Bitcoin, which are perceived as hedges against traditional market volatility. However, the rapid rise of companies like Metaplanet and the push for crypto ETFs in South Korea highlights the transformative potential of digital assets, even as they introduce new risks and regulatory challenges.

Critically examining the establishment narrative, it is essential to recognise that the enthusiasm for cryptocurrencies, particularly in the context of Trump’s policies, is not without its pitfalls. The volatility of digital assets, the potential for regulatory overreach, and the risk of market manipulation are significant concerns that must be addressed.

Moreover, the reliance on Bitcoin as a treasury reserve asset, as seen with Metaplanet, raises questions about long-term sustainability and the broader implications for corporate governance and financial stability. While the allure of high returns is undeniable, the risks associated with such strategies cannot be overlooked.

In conclusion, the current global financial landscape is a tapestry of interconnected developments, from traditional trade policies and market dynamics to the disruptive potential of cryptocurrencies. President Trump’s tariffs on steel and aluminium have heightened global risk sentiment, driving investors toward safe-haven assets and alternative investments like Bitcoin.

Meanwhile, the rise of Metaplanet in Japan and the push for crypto ETFs in South Korea reflect the growing influence of digital assets in shaping economic strategies. As these trends unfold, policymakers, investors, and journalists alike must approach them with a critical eye, balancing optimism with a rigorous assessment of the risks and opportunities they present.

The future of global finance will likely be defined by how effectively we navigate these complexities, ensuring that innovation is harnessed responsibly and sustainably.

—

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Malaysia’s startup ecosystem has witnessed substantial growth in recent years, establishing itself as a dynamic hub for innovation and entrepreneurship in Southeast Asia. As of 2024, the country is ranked 43rd globally and 3rd in Southeast Asia for startups, with over 17,400 startups operating across various sectors, including edutech, e-commerce, insurtech, AI, blockchain, fintech, robotics, foodtech, and agritech.

Kuala Lumpur, the nation’s capital, has been a focal point of this development, generating more than MYR 220 billion (US$47 billion) in ecosystem value from July 2021 to December 2023. This metric reflects the city’s economic impact through startup valuations and successful exits.

The Malaysian government has been instrumental in fostering this growth through strategic initiatives. In 2024, the Malaysia Venture Capital Roadmap (MVCR) was introduced to attract leading venture capitalists to the country. Programmes such as the VC Golden Pass, VC Launch Fund, and VC Academy aim to enhance funding avenues and nurture talent within the venture capital industry.

Additionally, the Malaysia Startup Ecosystem Roadmap (SUPER) 2021-2030 outlines the nation’s ambition to rank among the top 20 global startup ecosystems by 2030. This plan focuses on creating a high-performing, inclusive, and sustainable environment for startups.

Regions like Penang have also emerged as significant contributors, attracting substantial foreign direct investment, particularly in the tech sector. In 2023, Penang secured US$12.8 billion in foreign direct investment, bolstering its position as a burgeoning startup hub.

Also Read: Malaysia remains steadfast in its entrepreneurial success

Collectively, these efforts underscore Malaysia’s commitment to nurturing a vibrant startup ecosystem, leveraging its strategic location, skilled workforce, and supportive government policies to drive innovation and economic growth.

In this feature, we have compiled a list of startups that have raised the largest funding rounds since January 2020:

Carsome

An app-based C2B marketplace for used cars. It collects vehicle-related data from individual sellers, sends its staff for inspection, holds auctions for dealers and delivers the cars to the buyers. Buyers can search for cars they want to buy & make an order via their platform.

Founding year: 2015
Total funding raised so far: US$808 million
Institutional investors: AmBank Group, 65 Equity Partners, SeaTown Holdings International, Qatar Investment Authority, Gobi Partners, Asia Partners, EvolutionX, PTT, MediaTek, Sunway Group, YTL, Taiwan Mobile, gokongwei.org, 500 Global, Catcha Group, Penjana Kapital, Emissary Capital, Burda Principal Investments, Ondine Capital, Daiwa PI Partners, Endeavor, Convergence Ventures, MUFG Innovation Partners, Innoven Capital, Lumia Capital, Vynn Capital, Indogen Capital, Spiral Ventures, 500 Durians, Idea River Run, Mavcap, Strategic Year, E&F Private Equity, Smile Group, Kolibra Capital, xto10x, JBV Capital, and AC Ventures.

BigPay

BigPay provides NFC-enabled prepaid cards for individuals in Malaysia. Users can top up their debit/credit cards. The app sends notifications about the transactions. Users can also send money to their friends in their contacts list. The app automatically categorises payments and allows the user to track expenses. The app is available for iOS and Android platforms.

Founding year: 2017
Total funding raised so far: US$100 million
Institutional investors: SK and RedBeat Ventures

SoCar

An app-based car rental platform, SoCar enables users to search, compare, and book car rentals after providing relevant details. Its features include a keyless/app-controlled lock system, complimentary parking passes and insurance, and online payments, among others. SoCar also offers door delivery and pick-up for rental services.

Founding year: 2017
Total funding raised so far: US$73 million
Institutional investors: EastBridge Partners, Sime Darby, Eugene, and KH Energy.

Aerodyne

It provides a SaaS and AI-based drone analytics platform. The data collected by drones is processed by AI-based proprietary software to offer actionable insights. Its nested drones return to automated stations for data download and autonomous recharging for subsequent missions.

Also Read: Being prudent in spending should be at the heart of every management conversation: Aerodyne CEO

Founding year: 2014
Total funding raised so far: US$86 million
Institutional investors: PETRONAS, Kumpulan Wang Persaraan, Realtech Fund, KOBASHI HOLDINGS, Autonomous Control Systems Laboratory, North Summit Capital, ARC Ventures, Gobi Partners, Indorama Group Investments, 500 Global, Maples Group, Leave a Nest Capital, Leave a Nest, VentureTECH, InterVest, Kejora Capital, Drone Fund, Mavcap, Intres Capital Partners, and Plug and Play APAC.

Common Ground

Common Ground is a provider of managed co-working spaces. The platform provides users with fixed desks, flexible desks, shared working spaces, private offices, virtual offices, and more. It offers amenities including email services, WiFi, cleaning services, meeting rooms, events spaces, printing services, refreshments, and more.

Founding year: 2017
Total funding raised so far: US$71.5 million
Institutional investors: Catcha Group, Emissary Capital, Rice Bowl, Central Pattana, and VERITAS.

LottieFiles

An AI-powered animation creation platform, Lottieflies provides animation and design tools with preview, plugin, editor, and web player. It offers libraries and plugins for Web, iOS, Android, Flutter, React Native, Xamarin, NativeScript, Windows, Vue, Angular, QT, Skia, and Framer X. Lottieflies also provides a no-code testing platform for animations across web, iOS, and Android platforms.

Founding year: 2017
Total funding raised so far: US$47 million
Institutional investors: Webflow, Figma, XYZ Venture Capital, GreatPoint Ventures, M12,
500 Global, Automattic, Adobe, Square Peg Ventures, and 500 Durians.

Soft Space

Soft Space payment processing solutions to businesses. It provides payment gateways, white-label wallets, and POS terminals for accepting online or offline payments. The firm also facilitates fraud prevention, QR code payments, and e-wallet systems.

Founding year: 2012
Total funding raised so far: US$36.5 million
Institutional investors: GMO Financial Gate, Southern Capital, Transcosmos, JCB,
RHL Ventures, KB Investment, Hibiscus Fund, JCB, Sumitomo Mitsui Card, and Idea River Run.

Beldex

A Provider of a blockchain network ecosystem. The company offers zero-knowledge proofs to enhance the privacy, security, and scalability of DApps. It integrates EVM to build permissionless, private smart contracts and Web 3.0 applications.

Founding year: 2017
Total funding raised so far: US$28 million
Institutional investors: Block Alpha and DWF Labs.

CapBay

A provider of AI-based P2P marketplace for supply chain financing solutions in Malaysia. CapBay provides users with a platform connecting individual investors, businesses, and institutional investors for invoice financing. Users can obtain customized financing options by providing unpaid invoices as collateral.

Founding year: 2016
Total funding raised so far: US$27.5 million
Institutional investors: Kenanga, KK Fund, and Plug and Play APAC

Nutrition Technologies

A provider of insect-based products for agriculture and livestock. Nutrition develops its product using black soldier fly larvae and recycles nutrients from agricultural and food processing by-products. Its product offerings include insect-based organic fertilizers for agriculture, protein feed for livestock, and also oil.

Founding year: 2016
Total funding raised so far: US$34 million
Institutional investors: Bunge, PTT, Openspace Ventures, Hera Capital, Sumitomo, ING Bank, Mandala Capital, SEEDS Capital, Enterprise Singapore, Nullabor, Neptune, Alpha Founders Capital, and Primex Capital.

PolicyStreet

PolicyStreet is an insurtech platform that provides digital insurance solutions. It offers embedded insurance solutions, customized employee benefits, and financial advisory. PolicyStreet underwrites and develops insurance solutions.

Also Read: Sustained profitability is crucial for long-term success: PolicyStreet CEO

Founding year: 2016
Total funding raised so far: US$23.7 million
Institutional investors: Khazanah Nasional Berhad, Altara Ventures, Gobi Partners,
Spiral Ventures, KK Fund, Auspac, Cradle, pitchIN, Growth Charger, Taklamakan Holdings, and Vital Breeze.

StoreHub

Storehub is an iPad—and cloud-based POS system that helps users track customer data, give customers discounts based on buying patterns, generate reports, and more. It also helps store owners keep track of their inventory and generate reports to help with tax filings.

Founding year: 2013
Total funding raised so far: US$28.5 million
Institutional investors: 500 Global, Vertex Holdings, OSK Ventures International, Vertex Ventures, Accord Ventures, CSV, Fintonia Group, Temasek, 500 Durians, Cradle, and Majuven.

Pop Meals

Pop Meals is an internet-first restaurant offering on-demand food. Its food offerings include chicken pasta, fish curry, desserts, drinks and beverages, and more.

Founding year: 2015
Total funding raised so far: US$27.2 million
Institutional investors: Rakuten Capital, White Star Capital, JAFCO Asia, Partech Partners, Y Combinator, Atami Capital, UpHonest Capital, Texas Atlantic Capital, Apax, Econa, East Ventures, Asia Venture Group, Grupara Ventures, Ventech China, Golden Equator Capital, RISE, Barrco, Pine Hill Capital, InnoStart Capital, Korea Investment Holdings, DO Venture Partners, ennea capital partners, and Delivery Hero Ventures.

SleekFlow

SleekFlow is an omnichannel conversational AI suite for customer engagement in Malaysia. The platform allows users to create personalised customer journeys across messaging channels, including WhatsApp, Instagram, live chat, and more. It also helps manage communication workflows and customer conversations.

Founding year: 2019
Total funding raised so far: US$15 million
Institutional investors: Atinum Investment, Gobi Partners, AEF Greater Bay Area Fund,
Transcend Capital Partners, Goldman Sachs, Tiger Global Management, Transcend, Alibaba Entrepreneurs Fund, and Alibaba.

HealthMetrics

HealthMetrics is an employee healthcare benefits management platform that features process automation, dashboards, data analytics, personalised wellness programmes, employee mobile apps, and much more. It also provides early warning signs of health risks faced by employees.

Founding year: 2015
Total funding raised so far: US$14.8 million
Institutional investors: Gobi Partners, TIM, ACA Investments, RHL Ventures, CSV, Asean Innovation Capital, Spiral Ventures, Cradle, and Chrome Square.

Naluri

Naluri provides employee wellness programmes for physical and mental health. The company offers an evidence-based digital health solution that helps organisations predict, prevent, and manage the leading cardiometabolic and mental health conditions, including heart disease, diabetes, cancer, chronic stress, anxiety, depression, and pain. It also, offers consultation, performance coaching and training services.

Founding year: 2017
Total funding raised so far: US$14.86 million
Institutional investors: Pruksa, Bertelsmann, Striders, MVP, Palm Drive Capital, INP Capital, Integra Partners, Duopharma Biotech Berhad, Sumitomo, BioMark, KB Investment, RHL Ventures, Global Founders Capital, StartX, TH Capital, BioMark, 500 Durians, MedTech Innovator, Rhombuz, and Blue7.

LiveIn

LiveIn provides managed co-living spaces. The company offers furnished co-living spaces for young professionals & students with amenities such as WiFi, living rooms, cleaning services, refreshments, and more. LiveIn earns revenue through monthly plans.

Founding year: 2013
Total funding raised so far: US$13 million
Institutional investors: Korea Investment Holdings, Wavemaker Partners, Intervest, Malaysia Debt Ventures, Jungle Ventures, CAC Capital, Aucfan, KK Fund, Incubate Fund, Accord Ventures, Hoop Partners, Startia, and Cradle.

Food Market Hub

Food Market Hub is a cloud-based inventory management solutions provider for restaurants in Malaysia. It provides features for managing inventory, purchases, procurement, suppliers, food costs, food wastage, and more. It also generates real-time reports and sends automatic notifications via SMS and mail to suppliers and stakeholders. The application can be integrated with POS and accounting systems such as SQL Accounting, Quickbook, and Autocount.

Founding year: 2017
Total funding raised so far: US$12.5 million
Institutional investors: AC Ventures, East Ventures, 500 Global, Velocity Ventures, Capital Code, SIG Venture Capital, Go Ventures, ScaleUp Endeavor, MaGIC, K3 Ventures, Velocity Partners, 500 Durians, GLOBAL ACCELERATION ACADEMY, TINY LABS, Gv Hermes, My Rush, and Peng Min Investment Company.

Bateriku

An app-based platform for vehicle roadside assistance services. It provides services related to battery replacement and maintenance. It provides roadside assistance for breakdowns as well. it also offers a marketplace platform for car accessories. Its mobile application is available for Android and iOS platforms

Founding year: 2011
Total funding raised so far: US$9.5 million
Institutional investors: Kumpulan Wang Persaraan, Gobi Partners, VentureTECH, SBI Ventures Malaysia, and MTDC

iPrice

iPrice is an online price comparison platform for multi-category products. The product catalogue includes home improvements, baby products, fashion accessories, etc. Users can select their products and compare prices after which they are redirected to the respective site for buying. The company also claims to offer a platform for finding deals.

Also Read: How iPrice Group navigates the seven SEAs

Founding year: 2014
Total funding raised so far: US$26.6 million
Institutional investors: ITOCHU, KDDI Open Innovation Fund, Woowa Bros, JG Digital Equity Ventures, Daiwa PI Partners, AGCM, Mirae Asset Capital Markets, ACA Investments, Z Venture Capital, Naver, Cento Ventures, Venturra Capital, DMP 206, Asia Venture Group, Starstrike Ventures, Econa, Gobi Partners, Well Finance, F2 Capital, Spiral Ventures, 500 Durians, Pt Visual Investasi Teknologi and Alan, Koru Partners, Line Ventures, and Nova Investment.

Revenue Monster

Revenue Monster provides SaaS-based payment solutions for businesses. It features integration solutions for mobile-based payments, social media, and loyalty programs. The firm offers multiple products such as MyKad Recognition for AI-based KYC solutions, Face Recognition for customer identification & authentication, and Dynamic QR Code for offline tech solutions.

Founding year: 2017
Total funding raised so far: US$6.5 million
Institutional investor: The SEA Capital

pitchIN

PitchIn is a reward-based crowdfunding platform for creative projects in Malaysia. The projects that the platform focuses on include art & design, film & video, music, community, games, publishing and photography. It is a reward-based platform wherein the supporters are given a non-financial reward.

Founding year: 2015
Total funding raised so far: US$5.7 million
Institutional investors: MTDC, SuperSeed, Gobi Superseed II Fund, 1337 Nominee, and Vilor.

Biogenes Technologies

Biogenes develops technology in molecular diagnostics and genomics. It uses a bio-computational technique to design and optimize the binding between aptamers and target molecules in a 3D virtual environment, along with a range from DNA kits and buffers to diagnostic kits and nano-coated sensor strips. Biogenes also develops printed nano-coated sensors, immobilization of DNA probes and aptamers (synthetic antibodies), in-silico design, and validation of new aptamers, among others. Its products are electronic portable readers, aptamers, and printed sensors.

Founding year: 2015
Total funding raised so far: US$5.7 million
Institutional investors: Pembangunan Ekuiti, PlaTCOM Ventures, Cradle, MTDC, MOSTI, Bioeconomy Corporation, and Antler.

iStore iSend

iStore ISend provides fulfilment services and last-mile delivery services for e-commerce companies. It picks up products from the merchants, stores in the warehouses, packs the products as they receive the order, and ships products. The firm also provides last-mile delivery services handling COD payments.

Founding year: 2019
Total funding raised so far: US$5.5 million
Institutional investors: Yamato Transport, EasyParcel, Gobi Partners, Mavcap, and Global Brain.

MoneyMatch

MoneyMatch is a cross-border money transfer platform. It allows users to make cross-border money transfers via bank transfers. Users can place their order online or over a phone call. The minimum amount per transaction is RM500.00.

Founding year: 2015
Total funding raised so far: US$5.3 million
Institutional investors: Malaysia Debt Ventures, KAF Investment Bank, CSV, Cerana Capital, WatchTower & Friends, Tuas Capital Partner, and TH Capital.

ThoughtFull

ThoughtFull is a SaaS-based digital mental health solution for employees, individuals, and insurers in Malaysia. The company has developed a digital platform that allows organisations to assist employees with mental health management. The company provides mental health programs, therapy sessions, intervention programs, and educational content for users. The app-based platform can be used by insurers to provide health interventions.

Founding year: 2018
Total funding raised so far: US$4 million
Institutional investors: Sheares Healthcare, Vulpes Investment Management, The Hive Southeast Asia, Grab, ZALORA, Flybridge Capital Partners, Vulpes Ventures, Growing Well Partners, Citrine Capital, and Epic Angels.

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In an era when sustainability is becoming a core concern for businesses, Singapore-based materials innovation startup Xinterra has unveiled its groundbreaking carbon dioxide (CO₂)—capturing textile treatment, COzTERRA.

The innovative material, which enables fabrics to remove and sequester CO₂ from the air, is making its commercial debut through a partnership with sustainable fashion brand Kemunna.

Founded in 2021, Xinterra is on a mission to accelerate materials research and development using its proprietary AI-driven and high-throughput experimentation-powered platform, XDF (Xinterra Design Factory). The company focuses on developing novel materials at an unprecedented pace, addressing pressing global challenges such as climate change.

“We wanted to use the power of our XDF platform to solve some of the most pressing issues humanity faces, such as climate change,” says Patrick Teyssonneyre, CEO and Co-Founder of Xinterra. “Instead of focusing on industrial applications like direct air capture, we wanted to activate dormant surfaces of products that are part of our daily lives to capture CO₂, empowering individuals to become CO₂ capture agents.”

The science behind COzTERRA

COzTERRA’s technology enables textiles to absorb and sequester CO₂ through a specially developed liquid treatment applied during the fabric processing stage. Once absorbed, the CO₂ undergoes a chemical reaction with regular laundry detergents, transforming into sodium bicarbonate (baking soda), a stable and harmless mineral that is washed away.

This process not only removes CO₂ from the air but also allows the fabric to be recharged for continuous CO₂ capture.

According to Xinterra, each COzTERRA-treated T-shirt can remove between 16 and 41 grams of CO₂ over its lifespan. Collectively, 20 such T-shirts worn at the same time could capture as much CO₂ as a mature tree in a day, highlighting the innovation’s significant environmental potential.

Also Read: Malaysia’s unicorn hunters: The startups raising millions and scaling fast

A fashionable approach

Xinterra has chosen the fashion industry as the launchpad for its CO₂-capturing material. Collaborating with Kemunna, a Singapore-based sustainable fashion brand founded by Brazilian entrepreneurs, the company is bringing the technology to market through a limited-edition collection of COzTERRA-treated t-shirts.

“At Kemunna, innovation and sustainability are the foundation of everything we do. For our launch, we wanted a product that seamlessly embodies these values,” says Ricardo Costa, Co-founder of Kemunna. “Partnering with Xinterra and their groundbreaking CO₂-capturing technology was a natural fit.”

The COzTERRA-powered t-shirts were unveiled at the Singapore Fashion Council’s 2024 “Be the Change” Summit and are available exclusively online at Kemunna.com. The initial collection is limited to 200 shirts, giving early adopters a chance to engage in climate-conscious fashion.

Bringing COzTERRA to commercial reality required rigorous research and testing. Xinterra developed a high-output environmental chamber to evaluate CO₂ absorption performance across various materials. Using AI-powered analytics, the startup identified optimal raw material combinations, enabling rapid development cycles that outpaced traditional R&D processes by three to four years.

“We built high-output environmental chambers in-house to measure the CO₂ absorption performance of several commercial raw materials. These data points trained our AI, which then recommended new combinations for our lab. We ran multiple cycles of AI-driven experimentation until we achieved the best balance of technical performance and cost competitiveness,” explains Teyssonneyre.

Beyond research, Xinterra has taken an active approach in marketing COzTERRA to textile mills and brands, demonstrating how the technology can enhance their sustainability credentials and increase customer engagement.

Also Read: SAFE STEPS D-Tech Awards 2025: Applications now open!

“We have been approaching both textile mills and brands to explain how they can empower consumers to fight climate change, potentially increasing market share and customer loyalty,” adds Teyssonneyre.

While COzTERRA’s first application is in fashion, Xinterra envisions expanding the technology beyond textiles. The startup aims to adapt the material for other commonly used surfaces, transforming everyday objects into carbon capture tools.

“The vision for COzTERRA is to convert dormant surfaces into CO₂ capture surfaces,” says Teyssonneyre. “Next in our pipeline are residential paints and filters for air conditioners and vacuum cleaners.”

This broader vision aligns with Xinterra’s long-term goal of making carbon removal an integrated part of daily life, moving beyond industrial carbon capture to consumer-driven climate solutions.

Strategy for impact

As a newly launched sustainable fashion brand, Kemunna is leveraging a direct-to-consumer (D2C) model to promote its CO₂-capturing apparel. The company is focusing on digital marketing, strategic partnerships, and sustainability events to reach climate-conscious consumers.

“Kemunna is launching as a D2C brand, and our strategy focuses on engaging climate-curious and climate-conscious customers through digital channels like social media, content marketing, and online campaigns,” explains Costa. “We’re also exploring B2B collaborations with organisations interested in sustainable corporate gifts and apparel.”

Also Read: Why 2025 is the best time for AI skills and governance training in data governance

Beyond the initial launch, Kemunna has ambitious plans to expand across Southeast Asia, positioning itself as a leader in sustainable fashion. The company aims to establish partnerships with corporations and sustainability-focused events while also exploring additional high-impact technologies to integrate into future collections.

“Through this partnership with Xinterra, we aim to introduce COzTERRA’s innovative technology to the consumer market, raise awareness about sustainable fashion solutions, and drive adoption of this impactful innovation,” Costa notes. “Ultimately, we aspire to establish Kemunna as a trusted partner for bringing groundbreaking consumer technologies to market.”

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Image Credit: Kemunna, Xinterra

The post Sustainably fashionable: Xinterra, Kemunna introduce a T-shirt that can capture CO₂ from air appeared first on e27.

Indonesia’s Financial Services Authority (OJK) has placed former Investree Radhika Jaya CEO Adrian Asharyanto Gunadi on its wanted list following allegations of financial misconduct.

Gunadi, who co-founded the peer-to-peer lending platform, is suspected of illegally raising funds without the necessary permits, leading to significant losses for users.

Authorities believe he has fled abroad to evade legal action.

The OJK’s move follows the revocation of Investree’s business licence on 21 October 2024 due to the company’s failure to meet regulatory requirements. The fintech firm struggled with declining performance and could not secure credible investors to stabilise its operations. Despite warnings from regulators to inject fresh capital and improve governance, Investree failed to comply, leading to liquidation proceedings.

Also Read: Qatar firm JTA leads Indonesian MSME lender Investree’s US$231M Series D round

OJK Executive Supervisor Agusman confirmed that Gunadi’s alleged financial irregularities are under investigation. Reports suggest that he diverted company funds into his personal account and used Investree as a guarantor for a separate business venture.

As part of its enforcement measures, the OJK is blocking Gunadi’s bank accounts, tracing his assets, and pursuing legal action to ensure accountability.

In addition to Gunadi’s case, the OJK has been tightening regulations across the fintech lending sector.

With Investree’s liquidation underway, borrowers are still required to fulfil their repayment obligations to lenders. A liquidation team, appointed by Investree’s shareholders and approved by the OJK, will oversee the repayment process and asset distribution.

Founded in 2015 in Jakarta, Investree provides digital financial solutions to largely underbanked MSMEs who previously faced difficulties securing loans without collateral from traditional financial institutions. It provides four products: invoice financing, working capital term loan, buyer financing, and microproductive loan for ultra-micro entrepreneurs.

In October 2023, Investree secured EUR 220 million (US$231 million back then) in a Series D funding round led by JTA International Holding by establishing a joint venture (JV) with the Qatar-based firm. The company’s Series B and C investor, SBI Holding, also participated in the round.

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The global artificial intelligence (AI) market, valued at US$638.23 billion in 2024, is projected to grow to an impressive US$3.68 trillion by 2034, with a compound annual growth rate (CAGR) of 19.1 per cent over the next decade.

Businesses and individual creators are exploring new frontiers in Generative AI (GenAI), which are tools that can produce original digital art, music, and other creative works in various industries. Advanced models handle massive amounts of data, leading to faster iterations. According to a survey by PwC of at least 1,000 business and technology executives, 40 per cent of respondents have achieved increased productivity with the use of GenAI in their organisations, while 41 per cent have also seen improvements in customer experience.

AI agents, particularly in the art and music industry, have significantly transformed digital creativity. These sophisticated tools can generate unique visual artworks by analysing vast datasets of existing art, thereby enabling artists to explore new creative avenues and push the boundaries of traditional art forms. The AI art market was valued at approximately US$3.2 billion in 2024 and is projected to reach around US$40.4 billion by 2033, indicating a CAGR of 28.9 per cent.

How automation tools reshape artistic workflows

GenAI’s capacity to create original output comes from deep learning algorithms trained on vast and varied datasets. These models can generate new content, such as images, songs, or written narratives that take inspiration from existing aesthetics—accelerating proof-of-concept work for artists and composers in the form of non-fungible tokens (NFTs). NFT royalties allow creators to earn a percentage of the sale price each time their digital collectibles are resold on the secondary market, providing a continuous revenue stream.

A Massachusetts Institute of Technology study considers the technology’s role in music as being able to augment human capabilities and the “discovery of new musical ideas.” According to the study, “Generative AI technology now stands to carry this legacy forward—but truly nurturing musical creativity relies on developing transformative new systems guided by this synergistic interaction.”

AI agents on streamlining music production and digital art

AI agents are redefining the music production process by helping users craft tracks efficiently, tailoring elements such as tempo, genre, and emotional tone. Platforms like Soundraw illustrate how AI can democratise music creation, enabling professionals and newcomers alike to produce high-quality audio without mastering complex software.

Also Read: The future of blockchain technology goes beyond just cryptocurrency and NFTs

AI-generated songs, like the controversial 2023 track “BBL Drizzy,” demonstrate how minimal human input can lead to compelling results.

AI agents have become instrumental in the creation of art, utilising advanced algorithms to generate images based on textual descriptions. The impact of AI-generated art is evident in the achievements of AI artists like Botto, an AI program that has created over 150 artworks, amassing more than US$5 million in auctions since its inception in 2021.

Moreover, AI agents are not limited to digital creations; they have also ventured into physical art forms. Ai-Da, the first ultra-realistic humanoid robot artist, produced a portrait of mathematician Alan Turing, which sold for US$1.08 million at Sotheby’s in New York.

A constant challenge in AI-generated content

Automation tools help break down complex creative projects—such as drawing and modifying multiple concept art sketches—into more manageable tasks.

However, a recurring concern is intellectual property, particularly around how training datasets may include copyrighted images or works. Questions persist on whether AI outputs infringe upon existing intellectual property or fall within fair use.

In June 2024, major record labels, including Sony Music Entertainment, UMG Recordings, and Warner Records, filed lawsuits against AI developers Suno and Udio. The allegations centred on the unauthorised use of copyrighted music to train AI models, resulting in outputs that closely mimic the styles of well-known artists like Michael Jackson, ABBA, and Bruce Springsteen.

Challenges remain, with copyright policies and algorithmic biases requiring that final outputs meet professional and creative standards.

Monetising creative works

Royal.io provides musicians with a means to distribute rights to their artistic works. The platform takes advantage of blockchain technology to establish transparent royalty splits and facilitate fan engagement. The platform is backed by musicians such as The Chainsmokers, while other artists have also offered streaming royalty rights to their songs, such as the rapper Nas.

Also Read: How your business can benefit from the NFT phenomenon

Runway ML is a leading platform for integrating AI into creative workflows, offering tools for video editing, object detection, and generative content creation. With over 50,000 AI models developed and 24 million assets uploaded by its community, Runway ML is recognised as one of TIME Magazine’s 100 Most Influential Companies.

AIMAGINE provides a custom data layer that aggregates information for AI agents, which are software that interacts with data and environmental inputs to achieve certain goals. AIMAGINE’s AI Agent Launchpad simplifies deployment and provides a framework for gaining liquidity from its use of data.

The venture-backed platform also hosts an IP marketplace where developers can license AI agents for various tasks, building a circular economy for licensing revenue across different creative fields augmented by AI. AIMAGINE partners with Arbitrum, a leading Ethereum layer-2 scaling solution known for its efficient and cost-effective transaction processing, to enhance its AI-driven automation capabilities through scalable, decentralised infrastructure.

The future of AI-driven creativity

There is no question that GenAI stands as a powerful catalyst in creative fields, streamlining content production and opening new avenues for monetisation.

Through automation, creators can eliminate tedious workloads, boost quality, and deliver compelling digital works at a faster time to delivery.

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Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic.

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